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November 15, 2010

Telestone sees 128.2% growth in Q3 net sales, profit climbs

WFDS-enabled offerings accounted for 23.5% of sales for the quarter

By CBR Staff Writer

Telestone Technologies, a developer and provider of telecommunications local access network offerings based in China, has reported net sales of $43.1m in the third quarter ended 30 September 2010, an increase of 128.2% compared to 18.9m in the same quarter prior year.

The company said WFDS-enabled offerings accounted for 23.5% of sales for the quarter and Telestone’s backlog of projects it planned to complete in 2010 was $61.5m by 30 September 2010.

The gross profit increased 119.2% year-over-year to $19.5m, as compared to $8.9m in the same quarter previous year.

The company registered a net income of $12.1m for Q3 2010, up 184% from $7.4m in the same period in 2009, while earnings per weighted average diluted shares increased 178% to $1.14 per share for the quarter, compared to $0.41 in the same period of 2009.

Telestone CEO and chairman Han Daqing said investments in sales and marketing earlier this year helped ensure their WFDS systems were chosen as the last mile network of choice at targeted installation sites and they have seen a dramatic pickup in their installations year long.

"Having secured a solid backlog of both 3/G and WFDS contracts and installations, we are confident in achieving our full year guidance of $129.4 million in revenues and $22.9 million in net income," Daqing said.

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Telestone also reported total revenue of $70.9m for the first nine months of fiscal 2010 was, up 82.1% from $38.9m in the same quarter previous year’s period.

The company is reaffirming guidance of $129.4m in revenue, $22.9m in net income and $2.17 in eranings per share for the 2010 year.

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